GST on security deposit

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9 Points Posted on 20 March 2021
I have paid security deposit to company and the raise GST bill on
it 18% so can I claim ITC on it
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On 20 March 2021 at 20:16 Report
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Quick Summary
This discussion clarifies the GST implications of security deposits. While GST is generally not applicable to returnable security deposits as they fall outside the scope of supply, if GST has been charged, the ability to claim Input Tax Credit (ITC) depends on specific conditions outlined in the CGST Act.

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Chartered Accountant
24588 Points Posted on 20 March 2021
Yes you can claim
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On 20 March 2021 at 20:52
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GST Consultant
15986 Points Posted on 20 March 2021

Strictly speaking GST is not charges on security deposit if it is returnable. However if it is charged then claiming of ITC will depend upon whether such ITC is allowed as per section 16 & 17

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On 20 March 2021 at 21:59
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3924 Points Posted on 20 March 2021
Agree with Zafar Sir , Security Deposit may not in the scope of supply as per section 7 of the CGST act 2017 . Also it is refundable
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On 20 March 2021 at 22:15
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9 Points Posted on 31 March 2021
It is refundable
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On 31 March 2021 at 16:35

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